April 24 (Reuters) - European shares pulled back from eight-month highs on Wednesday as worries over China putting policy-easing measures on hold offset upbeat earnings in the region from Credit Suisse and SAP.
The pan-regional STOXX 600 index .STOXX was down 0.1 percent by 0732 GMT. The benchmark index has notched gains in the past eight consecutive sessions, with a trend of rebounding from a weaker open.
Asian shares were also weak despite the S&P 500 .SPX hitting an all-time closing high overnight on boosts to earnings, as investors worried over Beijing slowing the pace of policy easing for the world's second-largest economy. MKTS/GLOB
Germany's DAX .GDAXI eked out a gain ahead of the country's Ifo business climate data, due at 0800 GMT, while all other major regional bourses were in the red.
Auto stocks .SXAP dropped 1 percent, led by Renault RENA.PA after its Japanese partner Nissan Motor Co 7201.T slashed its full-year profit forecast to its lowest in nearly a decade due to weakness in the United States. President Donald Trump on Tuesday said European Union tariffs facing motorcycle manufacturer Harley Davidson Inc HOG.N were "unfair" and vowed to reciprocate, but gave no other details. gaming company Kindred Group plc KINDsdb.ST landed at the bottom of STOXX 600 after profits for the first-quarter were significantly impacted by a new local license in Sweden. oil and gas sector .SXEP pulled back after a 2 percent jump in the prior session on the back of higher crude prices.
Kicking off the first-quarter balance sheet assessment for banks in the region, Swiss lender Credit Suisse CSGN.S rose 3 percent after posting a surprise profit and saying it was cautiously optimistic about the second-quarter following a challenging start to the year. from Credit Suisse will be followed by those from UBS Group AG UBSG.S and Barclays BARC.L on Thursday and Deutsche Bank DBKGn.DE on Friday.
Wirecard WDIG.DE jumped 8 percent after a Bloomberg report said Japan's Softbank was looking to invest about 900 million euros ($1 billion) to pick up a minority stake in the company. SAPG.DE climbed 6 percent and drove tech sector .SX8P 1.9 percent higher as the company set ambitious new mid-term targets to boost profit margins after reporting a first-quarter operating loss that chiefly resulted from a restructuring charge. .SXDP stocks got a boost from Novartis ' NOVN.S gains as the Swiss drugmaker raised its 2019 guidance after a first-quarter earnings and sales beat. truckmaker AB Volvo VOLVb.ST rose after reporting a better-than expected first-quarter operating profit on the back of stronger pricing and easing supply chain constraints.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.